Garmin (NYSE:GRMN) Given New $188.00 Price Target at Barclays

Garmin (NYSE:GRMN) had its target price increased by equities research analysts at Barclays from $158.00 to $188.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has an “underweight” rating on the scientific and technical instruments company’s stock. Barclays‘s price target suggests a potential downside of 17.34% from the stock’s previous close.

Other equities analysts have also recently issued research reports about the company. JPMorgan Chase & Co. boosted their price objective on Garmin from $219.00 to $260.00 and gave the stock a “neutral” rating in a research report on Thursday. Morgan Stanley raised Garmin to a “sell” rating and boosted their price objective for the stock from $164.00 to $171.00 in a research report on Tuesday, February 11th. Finally, Tigress Financial boosted their price objective on Garmin from $215.00 to $265.00 and gave the stock a “strong-buy” rating in a research report on Monday, December 16th. Three investment analysts have rated the stock with a sell rating, three have issued a hold rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $195.67.

Garmin Trading Down 6.0 %

NYSE GRMN traded down $14.50 on Thursday, reaching $227.43. The stock had a trading volume of 794,724 shares, compared to its average volume of 804,999. The business has a 50 day moving average price of $212.99 and a 200 day moving average price of $194.84. Garmin has a 1 year low of $128.89 and a 1 year high of $246.50. The company has a market capitalization of $43.67 billion, a price-to-earnings ratio of 28.86, a P/E/G ratio of 1.28 and a beta of 0.98.

Garmin (NYSE:GRMN) last released its quarterly earnings results on Wednesday, February 19th. The scientific and technical instruments company reported $2.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.90 by $0.51. The company had revenue of $1.82 billion during the quarter, compared to the consensus estimate of $1.70 billion. Garmin had a return on equity of 17.99% and a net margin of 25.48%. The firm’s revenue was up 22.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.72 EPS. On average, analysts anticipate that Garmin will post 7.09 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Douglas G. Boessen sold 1,761 shares of the company’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $207.99, for a total value of $366,270.39. Following the sale, the chief financial officer now directly owns 27,612 shares in the company, valued at approximately $5,743,019.88. This represents a 6.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 19.54% of the company’s stock.

Institutional Investors Weigh In On Garmin

A number of large investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its position in Garmin by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 18,067,708 shares of the scientific and technical instruments company’s stock worth $3,726,645,000 after acquiring an additional 215,344 shares during the last quarter. State Street Corp grew its position in Garmin by 2.0% during the 3rd quarter. State Street Corp now owns 6,912,536 shares of the scientific and technical instruments company’s stock worth $1,216,819,000 after acquiring an additional 134,303 shares during the last quarter. Geode Capital Management LLC grew its position in Garmin by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 4,438,796 shares of the scientific and technical instruments company’s stock worth $913,544,000 after acquiring an additional 75,332 shares during the last quarter. FMR LLC grew its position in Garmin by 40.8% during the 3rd quarter. FMR LLC now owns 3,775,154 shares of the scientific and technical instruments company’s stock worth $664,540,000 after acquiring an additional 1,093,219 shares during the last quarter. Finally, Norges Bank bought a new stake in Garmin during the 4th quarter worth approximately $396,184,000. 81.60% of the stock is currently owned by institutional investors.

Garmin Company Profile

Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of wireless devices worldwide. Its Fitness segment offers running and multi-sport watches; cycling products; smartwatch devices; scales and monitors; and fitness accessories. This segment also provides Garmin Connect and Garmin Connect Mobile, which are web and mobile platforms where users can track and analyze their fitness, activities and workouts, and wellness data; and Connect IQ, an application development platform.